What is Driving Mass Cryptocurrency Adoption into the Future?

It’s been over 10 years since the introduction of cryptocurrencies to the market, yet many consumers still don’t use them. While the number is growing, still only a small fraction of Americans own or buy crypto.

According to a survey by Finder, the number of Americans who own crypto doubled from 7.95% in 2018 to 14.4% in 2019. Another survey found that 81% of Americans are at least aware of Bitcoin in particular. Together, these numbers illustrate a growing trend towards cryptocurrency adoption on a massive scale.

But why has progress been so slow? And what is being done to drive mass cryptocurrency adoption in the future?

We answer these questions and more to explore the future of cryptocurrency.

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Why the Slow Adoption Rate?

Compared to other innovative and beneficial technologies, the growth of cryptocurrencies and blockchain systems has been relatively slow. Mass adoption has been limited by a few companies and individuals using and integrating these technologies for their own processes, and there are a few major reasons why.

These include:

• Volatility of Bitcoin. As the leading cryptocurrency, Bitcoin is looked at by would-be investors who are sometimes dissuaded by the ups and downs that Bitcoin experiences on the market.
• Significant lack of brand awareness outside Bitcoin. Most Americans know Bitcoin, but few can name another cryptocurrency brand. To expand the adoption of crypto, users need to know they have options.
• Lack of regulation. Investors hesitate to get into a product that may have its value affected by governmental regulations. Since crypto remains largely in limbo, this can give businesses pause in adopting the use of these currencies.

These factors make for a slow integration process into the larger world, with more adventurous investors paving the way for crypto adoption. Fortunately, however, new developments are pushing the use of cryptocurrency into a larger market, leading to a future of mass crypto adoption.

Pushing Cryptocurrency to a Larger Audience

Developments taking shape in the modern world as results of innovation in the face of pandemic and recession are making cryptocurrency more appealing to a broader audience. As companies look to streamline their processes, consumers look for easy digital forms of payment and financial solvency. Crypto is proving to be just that.

Here is just some of what is being done to drive mass cryptocurrency adoption towards the future:

• Cryptocurrencies are bringing value to businesses. By integrating cryptocurrencies as payment methods, businesses are finding unprecedented levels of savings and security that is helping them maintain viability in the pandemic landscape. Crypto offers seamless digital transactions without the middle-man fee of other currency processing services. Meanwhile, the paperless, simple process cuts costs and contact points for businesses and consumers.
• Crypto cards are making currencies easier to use. The emergence of crypto cards are helping push the usability of cryptocurrencies into everyday businesses. These cards allow for seamless transactions with a card that functions much like a debit or credit card. When a retailer won’t accept crypto, the card automatically converts the currency into an acceptable fiat currency.
• Emerging industries are making perfect partnerships with crypto. Substantial money sits in new industries whose regulatory situations makes traditional payment and investment options difficult. For emergent, high-risk industries like CBD, cannabis, and kratom, cryptocurrency offers ease of use and anonymity that circumvents payment hurdles. Cryptocurrency in the kratom industry, for example, allows consumers to easily make a transaction without worrying about going through third-party financial systems and risking their credit card information.
• A pandemic has made new methods of investment and innovation necessary. With consumers now operating more than ever in a digital landscape, the need for e-commerce vendors to integrate cryptocurrencies is great. By eliminating transaction fees and processing payments with added security, consumer data will be kept safer for the digitally maturing world of e-commerce. The move to safe digital payments will assist the AI, AR, and VR tech powering e-commerce innovations to offer better solutions for any industry.

These innovations are pushing a mass movement towards cryptocurrency adoption. Whereas now crypto might be seen as little more than an investment opportunity for some, businesses and consumers will increasingly view crypto as a beneficial method of navigating post-pandemic finances.

A Future of Cryptocurrencies Everywhere

Should the drive for crypto adoption continue, we are looking at a cryptocurrency landscape that rivals that of the current stock market. In light of the recent pandemic and stock market dips, the need for a decentralized, globally coherent currency system is essential to a thriving future. With coronavirus shutdowns, many national currencies saw a devaluation. Crypto protects against that while offering benefits like safety and usability.

Though the adoption rate of crypto has been slow, recent developments are pushing further growth across industries. In the pandemic landscape, businesses and consumers alike need the safety and seamlessness that crypto can bring. As time goes on, more will realize this simple fact.

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